-- Posted 10 December, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $807.60 | +$13.20 |
Silver | $14.64 | +$0.30 |
XAU | 176.53 | +1.23% |
HUI | 416.18 | +1.00% |
GDM | 1285.56 | +1.39% |
JSE Gold | 2365.67 | -2.68% |
USD | 76.05 | -0.24 |
Euro | 147.14 | +0.57 |
Yen | 86.56 | +0.02 |
Oil | $87.86 | -$0.42 |
10-Year | 4.149% | +0.029 |
T-Bond | 114.8125 | -0.375 |
Dow | 13727.03 | +0.74% |
Nasdaq | 2718.95 | +0.47% |
S&P | 1515.96 | +0.75% |
The Metals:
Gold traded about $5 higher in Asia and London and then jumped even more in midmorning New York trade to as high as $812.10 by about 10AM EST before it fell back off a bit into the close, but it still ended with a gain of 1.66%. Silver followed a similar pattern and topped $14.71 before it also came back off slightly into the close, but it still ended with a gain of 2.09%.
Euro gold rose to about €549, platinum gained $5 to $1460, palladium lost $3 to $343, and copper fell over 5 cents to about $3.02.
Gold and silver equities rose about 2% in the first hour of trade before they came back off a bit in afternoon trade, but they still ended with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | Oct | 0.6% | -1.0% | 1.4% |
Tomorrow at 10AM EST brings Wholesale Inventories for October expected at 0.5% and at 2:15PM is the FOMC policy statement that is expected to cut interest rates by at least 25 basis points.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back near $90 in early trade, but it then fell back off to find slight losses by the close on worries over waning demand in the face of rising supplies.
The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P rose on expectations for an interest rate cut from the fed tomorrow.
Among the big names making news in the market today were MBIA, UBS, and McDonald’s.
The Commentary:
“February Gold finished up 13.3 at 813.5, 4 off the high and 7 up from the low.
March Silver closed up 0.345 at 14.85. This was 0.28 up from the low and 0.03 off the high.
The gold market managed an upside breakout on the charts and in turn reached the highest level since November 28th in the process. Surprisingly the Dollar was not supported by stellar gains in the US equity market or by better than expected US economic readings and that left the gold market with a distinctly favorable fundamental condition. The gold market managed the gains despite a reversal in crude oil prices and talk that European Central banks had sold up to 117 tons of gold in the 4th year of the Washington gold sale agreement. In the end, the Press reported aggressive fresh fund buying but many traders were fearful that the sharp gains were simply an anticipation of a large US rate cut on Tuesday.
The silver market certainly managed to diverge with the copper market on Monday by reaching up to the highest level since November 27th. Apparently the bull camp in silver was able to throw off the concern of slowing physical demand and recession that at times has dogged the trade over the last several weeks. Even more surprising is that the fact that silver and gold were not undermined as a result of the ongoing financial market concerns that were floated by the Bank of Canada during the Monday trade. Despite the sharp gains in the March silver contract on Monday, the market remained roughly $1.63 an ounce below the November high.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
MineWeb notes GATA campaign for Fed, Treasury gold documents
Blackstone reported assembling China bid for Rio Tinto
UBS admits $10 billion subprime loss, gets rescue from Singapore
Brazil plans sovereign wealth fund to counter rising currency
Mortgage rate freeze aims to conceal fraud by banks
Peter Brimelow: Does gold have one more rally left in 2007?
Fed seems poised to lower interest rates again Tuesday
NYTimes: Gold's quirk -- It's volatile, but holders feel secure
Gulf oil producers plan currency revaluation talks
John Embry: Gold gleams as central bank influence wanes
The Statistics:
As of close of business: 12/7/2007
Gold Warehouse Stocks: | 7,366,099 | - |
Silver Warehouse Stocks: | 133,935,792 | +1,040 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 602.37 | 19,366,954 | US$ 15,347m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 97.51 | 3,134,991 | US$ 2,532m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 16.07 | 516,235 | US$ 417m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 20.29 | 652,212 | US$ 517m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.09 tonnes.
COMEX Gold Trust (IAU)
Profile as of 12/7/2007 | |
Total Net Assets | $1,382,299,199 | Ounces of Gold
in Trust | 1,740,187.247 |
Shares Outstanding | 17,600,000 | Tonnes of Gold
in Trust | 54.13 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 12/7/2007 | |
Total Net Assets | $2,120,075,941 | Ounces of Silver
in Trust | 146,833,360.500 |
Shares Outstanding | 14,800,000 | Tonnes of Silver
in Trust | 4,567.03 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Harmony’s (HMY) mining rights, Randgold’s (GOLD) over-allotment, ITH’s (THM) acquired property, Aurizon’s (AZK) drill results, Gold Fields’ (GFI) updated Ore Reserve, Anatolia’s (ANO.TO) permit, and Coeur’s (CDE) closing purchase of Bolnisi and Palmerejo were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN+9.54% $3.10 |
2. Seabridge | SA +8.71% $29.44 |
3. Taseko | TGB+6.98% $5.06 |
LOSERS
1. Alexco | AXU -4.91% $4.45 |
2. NovaGold | NG -2.99% $9.10 |
3. Metalline | MMG-2.70% $2.52 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
East West Resource Corporation Closes CDN$2.5 Million Private Placement Financing Arranged With Powerone Capital Markets Limited - More
- December 10, 2007 | Item | E-mail
New Silver-Lead Mineralization Discovered - More
- December 10, 2007 | Item | E-mail
Trans America's Partner in U.S. Uranium Sector Completes Financing, Schedules Work Program for Core Properties - More
- December 10, 2007 | Item | E-mail
Central Sun Provides Update on 2007 Exploration Program in Nicaragua & Outlines Plans for 2008 - More
- December 10, 2007 | Item | E-mail
Coeur d'Alene closing purchase of Mexico silver mine - "Silver miner Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research) (CDM.TO: Quote, Profile, Research) said on Monday that it expected to close its $1.1 billion purchase of junior miners Bolnisi Gold NL (BSG.AX: Quote, Profile, Research) and Palmarejo Silver and Gold Corp (PJO.V: Quote, Profile, Research) by the end of the year." More
- December 10, 2007 | Item | E-mail
Mantis Minerals Commences Fieldwork on Probe Mines' Tamarack Property in the McFauld's Lake Area, James Bay Lowlands, Ontario - More
- December 10, 2007 | Item | E-mail
Taseko to Release Fiscal 2007 Year End Results on December 12, 2007 - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News), a mining exploration, development and production company, will release its fourth quarter and year end results on Wednesday, December 12, 2007 after market close and will host a conference call on Thursday, December 13 at 11:00 AM Eastern Time (8:00 AM Pacific Time) to discuss these results." More
- December 10, 2007 | Item | E-mail
Hard Creek Nickel Corporation: Preliminary Assessment for Turnagain Nickel Project Shows Positive Economics With Potential 29 Year Mine Life - More
- December 10, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - Cerro Delta Progress - More
- December 10, 2007 | Item | E-mail
NWT Uranium completes drill program in Mexico - More
- December 10, 2007 | Item | E-mail
Cabo drills La Calavera for Pinnacle Mines in Oaxaca, Mexico - More
- December 10, 2007 | Item | E-mail
Pearl Asian Mining Industries, Inc. ('PAIM'/'PAIIP') Reverse Splits of Common and Preferred Shares Effective Date as Set by NASD - December 11, 2007 - More
- December 10, 2007 | Item | E-mail
Tagish Reports on Gold and Silver Values in the Rainbow Two Zone - More
- December 10, 2007 | Item | E-mail
Victory Nickel, Grand Rapids, Cross Lake, Moose Lake Cree First Nations Sign MOU Regarding Development of Minago Sulphide Nickel Deposit - More
- December 10, 2007 | Item | E-mail
Drake Gold Resources Announces the Acquisition of Two Silver Strikes in the Atlin Mining District - More
- December 10, 2007 | Item | E-mail
Andean Reports 21m of 49 g/t Gold Equivalent at Eureka West - More
- December 10, 2007 | Item | E-mail
Goldcorp Declares Twelfth Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its twelfth monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, December 21, 2007 will be entitled to receive payment of this dividend on Friday, December 28, 2007." More
- December 10, 2007 | Item | E-mail
American Bonanza and Agnico-Eagle Mines Sign Agreement to Jointly Develop Noyon-Northway and Vezza Properties - More
- December 10, 2007 | Item | E-mail
RANDGOLD RESOURCES ANNOUNCES EXERCISE OF OVER-ALLOTMENT - "RandgoldResources announced today that, further to the announcement made on November 29, 2007 in relation to the global offering of 6,000,000 new ordinary shares (the "Global Offer") in the form of ordinary shares or American Depositary Shares (the "New Shares"), the underwriters of the Global Offer have exercised part of the over-allotment option granted to them." More
- December 10, 2007 | Item | E-mail
GoldSpring, Inc. and N.A. Degerstrom Settle Dispute; Settlement Resolves All Outstanding Legal Issues Between the Companies - More
- December 10, 2007 | Item | E-mail
Wescan Appoints Vice President Exploration - More
- December 10, 2007 | Item | E-mail
Norsemont Mining Provides Constancia Drilling and Project Update - More
- December 10, 2007 | Item | E-mail
Canadian Arrow: Kenbridge deeper drilling returns high grade nickel and copper: 1.95% Ni over 19.0 meters - More
- December 10, 2007 | Item | E-mail
Galantas Confirms High Grade Zone in Kearney Gold Deposit - More
- December 10, 2007 | Item | E-mail
Little Squaw Builds on More Chandalar Placer Gold Drill Results - More
- December 10, 2007 | Item | E-mail
Blue Note Mining's Common Shares to List on Toronto Stock Exchange - More
- December 10, 2007 | Item | E-mail
Buffalo Closes First Tranche of Non-Brokered Private Placement - More
- December 10, 2007 | Item | E-mail
North American Palladium Earns 50% Interest in the Shebandowan Property - More
- December 10, 2007 | Item | E-mail
Largo Reports Robust Economics From New Scoping Study for Maracas Vanadium-PGM Project (Brazil) - More
- December 10, 2007 | Item | E-mail
Altair and Full Metal's Initial Drill Program at the CJ Property Encounters Extensive Gold Mineralization Over 2 Kilometers - More
- December 10, 2007 | Item | E-mail
Rusoro Gold Production Update: Choco 10 Mine - More
- December 10, 2007 | Item | E-mail
Spirit Exploration, Inc. Completes Underwriting Syndicate for $20m in Asset Backed Notes - More
- December 10, 2007 | Item | E-mail
Altair and Full Metal's Initial Drill Program at CJ Property Encounters Gold Mineralization Over 2 Kilometers of Strike Length - More
- December 10, 2007 | Item | E-mail
Nilam Resources Hires New President - More
- December 10, 2007 | Item | E-mail
Eagle Plains Options Kalum Gold Project to MCI - More
- December 10, 2007 | Item | E-mail
Alpha Gold Intersects Gold Mineralization Near Surface at the Lustdust Property - More
- December 10, 2007 | Item | E-mail
Mantis Mineral Corporation Completes Airborne Geophysical Survey on Tamarack Option in the McFauld's Lake Area, James Bay Lowlands, Ontario - More
- December 10, 2007 | Item | E-mail
Interest Payment on Katanga Notes - More
- December 10, 2007 | Item | E-mail
Global Copper Reports Further Step Out Drill Results at Relincho Including 544 and 422 Meters Grading 1.20% and 0.83% Copper Equivalent - More
- December 10, 2007 | Item | E-mail
Wave Uranium Acquires Wilson Creek Property in Arizona - More
- December 10, 2007 | Item | E-mail
Hemis Completes First Phase Gold Exploration Program in Alaska - More
- December 10, 2007 | Item | E-mail
Bolivar Mining Corp Pursues Joint Venture with Chinese Partners over Major Gold Deposits in Southern China - More
- December 10, 2007 | Item | E-mail
El Nino Ventures Update on Exploration program Project in the Democratic Republic of Congo (DRC) - More
- December 10, 2007 | Item | E-mail
High-Grade Mayflower Property Added to Redstar Gold's North Bullfrog Project - More
- December 10, 2007 | Item | E-mail
Skyline Continues Development of Its Bronson Slope Deposit - More
- December 10, 2007 | Item | E-mail
Continental Nickel Announces the Second Batch of Assays From the Nachingwea Nickel Project, Tanzania - More
- December 10, 2007 | Item | E-mail
KWG & Diagnos to JV Properties Picked by Software - More
- December 10, 2007 | Item | E-mail
Franklin Reports First Sales From Escala - More
- December 10, 2007 | Item | E-mail
Duluth Metals hits high-grade step out hole 100 metres east of Nokomis Deposit - More
- December 10, 2007 | Item | E-mail
Gold World Announces TSX-V Exchange requires Richard Tong's Immediate Resignation as a Director of the Company - More
- December 10, 2007 | Item | E-mail
Corriente Resources Inc.: Ecuador Ministry of Environment Approves Machala Port EIA - More
- December 10, 2007 | Item | E-mail
Goldeye Commences Drill Program on Tyrrell Township Targets - More
- December 10, 2007 | Item | E-mail
Wega Mining Reaches Agreement on Employment Arrangements - More
- December 10, 2007 | Item | E-mail
Gold Resource Corporation Drills 1 Meter of 5000 g/t Silver Within 4 Meters of 2955 g/t Silver at La Arista - More
- December 10, 2007 | Item | E-mail
Namibia uranium output to jump as exploration surges - More
- December 10, 2007 | Item | E-mail
Kootenay Drilling Confirms Widespread, High-Grade Mineralization: Highlights Include 18.4 Meters Grading 950 g/t & 151 Meters Grading 162 g/t Silver-Equivalent - More
- December 10, 2007 | Item | E-mail
Canasia initiates work program on Reed Lake claims in Manitoba - More
- December 10, 2007 | Item | E-mail
Gemini Explorations Closes on Financing for the Re-Development of the Los Chorros Gold Mine - More
- December 10, 2007 | Item | E-mail
Cusac's Sanders Steps Down - More
- December 10, 2007 | Item | E-mail
Constantine Expands High Grade CMR07-09 Intersection From 58.9 Feet (18 Metres) to 79.5 Feet (24 Metres) - More
- December 10, 2007 | Item | E-mail
ITH Acquires High-Grade Gold Vein System Adjacent to Its North Bullfrog Project, Nevada - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (CDNX:ITH.V - News) (AMEX:THM - News) (Frankfurt:IW9.F - News) is pleased to announce that it has entered into a binding letter of intent to lease the Mayflower property, located adjacent to its North Bullfrog project in southwestern Nevada. The Mayflower property, host to the former Mayflower Mine, was most recently explored by Barrick Gold Corporation in the mid 1990's. Drilling by Barrick indicated the presence of both a high-grade vein hosted system and a broad low-grade bulk tonnage target on the property." More
- December 10, 2007 | Item | E-mail
Aurizon Reports High Grade Results at Joanna - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to report that surface exploration drilling has intersected narrow veins with high gold grades along the western extension of the Heva block at its Joanna Property, located twenty kilometres east of Rouyn in north western Quebec, Canada." More
- December 10, 2007 | Item | E-mail
Gold Fields Announces Total Attributable Ore Reserves of 91.6 Million Ounces as at 30 June 2007 - "The updated Ore Reserves took account of increased costs and a higher gold price. Attributable depletion accounted for 2.2 million ounces, while lower pay limits, limited remodelling and discoveries contributed an additional 0.3 million ounces. A full remodelling and rescheduling exercise was not undertaken for this interim statement, as this will be done for the June 2008 declaration." More
- December 10, 2007 | Item | E-mail
Pacific Bay Adds Two Directors - More
- December 10, 2007 | Item | E-mail
Uranium Energy Corp Announces New Uranium Discovery in Texas - More
- December 10, 2007 | Item | E-mail
DUMONT discovers five collapse features at Redwall Uranium Property, Arizona Strip, Arizona - More
- December 10, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Athabasca Exploration Update - More
- December 10, 2007 | Item | E-mail
S.Africa gold firms keen to cash in on uranium boom - More
- December 10, 2007 | Item | E-mail
Uranium One Reports Breach of Storm Water Containment Dam at Dominion - More
- December 10, 2007 | Item | E-mail
Congo keeps uranium riches under wraps - More
- December 10, 2007 | Item | E-mail
Western Communities Seek Mining Reform - "Towns throughout the Rocky Mountain West that oppose mines near water supplies and scenic areas are backing efforts to revamp a federal law regulating hard-rock mining that's changed little since Ulysses S. Grant was president." More
- December 10, 2007 | Item | E-mail
Anatolia Receives New Work Establishment Permit - "Anatolia Minerals Development Limited (TSX:ANO - News; "Anatolia") is pleased to announce that the Erzurum Provincial Directorate of the Ministry of Labor and Social Security has approved the New Work Establishment Permit ("Permit") for Anatolia's Copler Gold Project. This is a key permit required for construction activities, as well as for operation and will allow us to initiate development once the EIA is approved." More
- December 10, 2007 | Item | E-mail
Gold Fields' attributable ore reserves fall 2 pct - "Gold Fields' (GFIJ.J: Quote, Profile, Research) total attributable ore reserves fell by 2 percent to 91.6 million ounces by end-June this year, mainly due to depletion from mining operations, the firm said on Monday." More
- December 10, 2007 | Item | E-mail
Harmony says wins new mining rights for SAfrica ops - "Harmony Gold (HARJ.J: Quote, Profile, Research) said on Monday it had been granted new order mining rights for all its South African operations by the Department of Minerals and Energy, as required under the country's mining laws." More
- December 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 December, 2007 | |
